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TOIIW

The Oncology Institute, Inc.

TOIIW

The Oncology Institute, Inc. • NASDAQ
$0.15 ▲ 0.18% (+0.00)
Market Cap $14.47 M
52w High $0.18
52w Low $0.15
Dividend Yield 0%
P/E 0
Volume 2.18K
Outstanding Shares 98.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $136.564M ▲ $26.974M ▼ $-16.504M ▲ -12.085% ▲ $-0.14 ▲ $-12.861M ▼
Q2-2025 $119.802M ▲ $28.712M ▲ $-17.009M ▲ -14.198% ▲ $-0.15 ▲ $-9.406M ▲
Q1-2025 $104.406M ▲ $27.16M ▲ $-19.585M ▼ -18.759% ▼ $-0.21 ▼ $-12.231M ▼
Q4-2024 $100.267M ▲ $26.565M ▼ $-13.182M ▲ -13.147% ▲ $-0.14 ▲ $-10.307M ▲
Q3-2024 $99.901M $28.219M $-16.113M -16.129% $-0.18 $-12.28M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.658M ▼ $163.619M ▲ $175.893M ▲ $-12.274M ▼
Q2-2025 $30.292M ▼ $159.798M ▼ $168.783M ▲ $-8.985M ▼
Q1-2025 $39.739M ▼ $164.002M ▼ $158.933M ▼ $5.069M ▲
Q4-2024 $49.669M ▲ $172.717M ▼ $169.128M ▲ $3.589M ▼
Q3-2024 $47.402M $179.183M $163.701M $15.482M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.504M ▼ $-12.63M ▼ $-604K ▲ $10.6M ▲ $-2.634M ▲ $-13.234M ▼
Q2-2025 $-13.991M ▲ $-10.202M ▼ $-1.208M ▼ $1.963M ▲ $-9.447M ▲ $-11.41M ▼
Q1-2025 $-19.585M ▼ $-4.988M ▼ $-202K ▲ $-4.74M ▼ $-9.93M ▼ $-5.316M ▼
Q4-2024 $-13.182M ▲ $4.186M ▲ $-1.755M ▼ $-164K ▲ $2.267M ▼ $2.431M ▲
Q3-2024 $-16.113M $819K $10.402M $-243K $10.978M $1.221M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Capitated Revenue
Capitated Revenue
 $20.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
Clinical Research Trials And Other Revenue
Clinical Research Trials And Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Dispensary Revenue
Dispensary Revenue
 $40.00M ▲$50.00M ▲$50.00M ▲$60.00M ▲
Fee For Service
Fee For Service
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Health Care Patient Service
Health Care Patient Service
 $50.00M ▲$50.00M ▲$50.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The Oncology Institute has grown its revenue steadily over the past several years, showing that its model is attracting more patients and contracts. However, the business is still operating at a loss. Gross profit has improved only modestly, which suggests that the cost of delivering care remains high relative to what it gets paid. Operating losses have been persistent, and bottom‑line results remain negative, with earnings per share in the red. In plain terms: the top line is moving in the right direction, but the company has yet to prove it can turn that growth into sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet looks relatively thin and somewhat stressed. Total assets have come down from their peak, and the cash cushion, while better than in some prior years, is still limited compared with ongoing losses. Debt has built up from almost nothing to a more meaningful level, while reported equity has eroded to around break‑even. This combination points to a company that has used leverage and past capital raises to fund growth, but now has less balance‑sheet flexibility and less room for error if performance does not improve.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, meaning the company is still consuming cash to run the business rather than generating it. Free cash flow has also been negative year after year, although capital spending needs appear modest. The pattern is one of ongoing cash burn, with only slight improvement recently. This underscores a key risk: unless the business moves closer to cash break‑even, it will likely need continued access to outside capital to support its operations and growth plans.

Competitive Edge

Competitive Edge The Oncology Institute is trying to differentiate itself with a value‑based oncology model that focuses on outcomes and cost control rather than volume of services. It has built payer relationships, community‑based clinics, and in‑house services like infusion and labs, which together create a more integrated patient experience and a degree of stickiness with partners. These elements form a meaningful competitive moat because they are complex and time‑consuming to replicate. At the same time, TOI is still a relatively small player in a market dominated by large hospital systems and established oncology groups, and it operates in a highly regulated, reimbursement‑sensitive environment. So while its positioning is distinctive and potentially powerful, it also comes with execution and scale risks.

Innovation and R&D

Innovation and R&D Innovation is a clear focus. TOI has developed a proprietary care management platform that ties together medical records, real‑time data, and treatment analytics to guide clinical decisions. Partnerships with AI and precision‑oncology platforms aim to tailor therapies more closely to each patient and to automate administrative work, potentially improving both outcomes and efficiency. The company is also active in clinical research through collaborations that expand access to trials. The upside is a more advanced, tech‑enabled oncology practice that can stand out from traditional clinics. The risk is that these initiatives require ongoing investment, strong data execution, and successful integration into everyday clinical workflows to truly pay off.

Summary

Overall, The Oncology Institute combines a promising, differentiated model in cancer care with a financially fragile profile. Revenue is growing and the strategy—value‑based, data‑driven, community oncology with strong payer ties—lines up with long‑term trends in healthcare. Its technology partnerships and research efforts add to its potential appeal. On the other hand, the company remains loss‑making, burns cash, carries more debt than before, and has a thin equity base. The key questions going forward are whether it can scale its model efficiently, improve margins, and move toward sustainable positive cash flow before its financial flexibility tightens further. Investors typically watch this name through the lens of high strategic potential balanced against notable financial and execution risk.